THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Saturday, October 19, 1996 TAG: 9610190469
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 33 lines
CENIT Bancorp Inc., parent of thrift CENIT Bank and Princess Anne Bank, said Friday it lost $115,000, or 7 cents a share, for the third quarter after paying a one-time assessment for replenishing the deposit-insurance fund for thrifts. The loss compared with net income of $375,000, or 22 cents a share, for last year's July-through-September period. Without the $2.34 million special assessment, it would have earned a record $1.34 million, or 80 cents a share, in the latest quarter, CENIT said. The Norfolk-based holding company also said it will increase its quarterly dividend to 25 cents from 20 cents. The new dividend will be payable Nov. 18 to shareholders of record Nov. 1. (Staff) U.S. trade deficit report second-worst in 5 years
The U.S. trade deficit narrowed only modestly to $10.8 billion in August, the second-worst showing in five years, as the deficit with China climbed to an all-time high. The Commerce Department report Friday showed that the August deficit was down only 6.6 percent from a July shortfall of $11.6 billion, the worst showing since the government began tracking trade in goods and services on a monthly basis in 1992. The huge deficits in July and August left the trade imbalance for the year running at an annual rate of $112 billion, meaning that the trade deficit, which has widened every year of the Clinton administration, will increase this year as well. Last year's deficit in goods and services was $105.1 billion. (Associated Press) by CNB